TheStreet.com RealMoney

Forget Earnings

By Vincent Farrell Jr.

 About this article:
 After the close today, Alcoa will start the parade of earnings reports that are sure to look miserable. While that will unfold in its own manner, the credit markets are showing signs of improvement. This morning's LIBOR fix was set at 1.16%, down from Friday's 1.26%. The three-month Treasury bill is still yielding a miserly 0.08%, but the TED spread (the difference between the rate at which the U.S. government borrows short-term and the borrowing rate for the biggest banks) is at 108. While still above a "normal" 50 basis points, it is a long way from the heights of a few months ago. More than $41 billion in new corporate bonds were sold last week, following over $100 billion in new debt sales in December. Two high-yield offerings were placed last week as well. Cablevision sold $500 million of debt at an 11.5% yield,...

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